People’s United Financial (NASDAQ:PBCT) Upgraded by BidaskClub to Hold

BidaskClub upgraded shares of People’s United Financial (NASDAQ:PBCT) from a sell rating to a hold rating in a report issued on Thursday, BidAskClub reports.

A number of other equities research analysts have also recently issued reports on PBCT. Keefe, Bruyette & Woods cut shares of People’s United Financial from an outperform rating to a market perform rating and set a $16.00 price objective for the company. in a report on Thursday, September 5th. DA Davidson began coverage on shares of People’s United Financial in a report on Monday, August 26th. They issued a buy rating and a $16.00 price objective for the company. Finally, ValuEngine cut shares of People’s United Financial from a hold rating to a sell rating in a report on Wednesday, May 15th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $17.60.

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Shares of People’s United Financial stock traded up $0.25 on Thursday, hitting $16.31. 204,001 shares of the company traded hands, compared to its average volume of 4,140,257. The company has a 50-day moving average price of $15.04 and a 200 day moving average price of $16.31. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.44. People’s United Financial has a 12-month low of $13.66 and a 12-month high of $18.11. The company has a market cap of $6.27 billion, a PE ratio of 12.46, a PEG ratio of 5.91 and a beta of 1.25.

People’s United Financial (NASDAQ:PBCT) last posted its quarterly earnings results on Thursday, July 18th. The bank reported $0.34 EPS for the quarter, meeting the consensus estimate of $0.34. People’s United Financial had a net margin of 23.51% and a return on equity of 8.21%. The business had revenue of $454.40 million for the quarter, compared to analysts’ expectations of $448.83 million. During the same period in the previous year, the company posted $0.32 EPS. Equities research analysts anticipate that People’s United Financial will post 1.33 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Thursday, August 1st were issued a $0.1775 dividend. This represents a $0.71 dividend on an annualized basis and a yield of 4.35%. The ex-dividend date of this dividend was Wednesday, July 31st. People’s United Financial’s dividend payout ratio is presently 54.20%.

People’s United Financial announced that its Board of Directors has initiated a share buyback program on Thursday, July 18th that allows the company to repurchase 20,000,000 shares. This repurchase authorization allows the bank to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

A number of large investors have recently modified their holdings of the stock. Geode Capital Management LLC lifted its position in People’s United Financial by 9.7% during the 4th quarter. Geode Capital Management LLC now owns 5,871,742 shares of the bank’s stock worth $84,598,000 after acquiring an additional 517,455 shares during the last quarter. Parallel Advisors LLC lifted its position in People’s United Financial by 125.9% during the 1st quarter. Parallel Advisors LLC now owns 2,955 shares of the bank’s stock worth $49,000 after acquiring an additional 1,647 shares during the last quarter. Comerica Bank lifted its position in People’s United Financial by 15.1% during the 1st quarter. Comerica Bank now owns 200,682 shares of the bank’s stock worth $3,373,000 after acquiring an additional 26,361 shares during the last quarter. Texas Permanent School Fund lifted its position in People’s United Financial by 0.8% during the 1st quarter. Texas Permanent School Fund now owns 76,496 shares of the bank’s stock worth $1,258,000 after acquiring an additional 577 shares during the last quarter. Finally, Cornerstone Advisors Inc. lifted its position in People’s United Financial by 20.2% during the 1st quarter. Cornerstone Advisors Inc. now owns 4,578 shares of the bank’s stock worth $75,000 after acquiring an additional 769 shares during the last quarter. Hedge funds and other institutional investors own 76.88% of the company’s stock.

People’s United Financial Company Profile

People's United Financial, Inc operates as the bank holding company for People's United Bank, National Association that provides commercial banking, retail banking, and wealth management services to individual, corporate, and municipal customers. The company operates in two segments, Commercial Banking and Retail Banking.